User:Derek7719

The origination of Automated Teller Machines grew out of necessity as much as out of the pioneering spirit of good business practice. In the mid 1960’s banks were looking for ways to trim operational costs while keeping service standards in line with competition. The adage “all things come at once or not at all” proposed a quandary for financial institutions to solve as masses of people converged on banking institutions at the same times each week. The long lines and stress associated with banks caused the perception of financial institutions to be lowered in the eyes of ordinary people. Luther George Simjian introduced the idea for ATMs in 1939 but the machines had to wait to become popular until the 1980’s. John Shepherd-Barron deployed the first Modern Automated Teller Machine in Barclays Bank in London in 1967. Since then an entire industry has developed and the relevance of ATMs to modern banking organizations is unquestioned. Because of the cost associated with the purchase of ATMs an offshoot industry began to develop in the 1980’s of rebuilt or refurbished ATM machines. These machines are typically purchased from large banks, rebuilt, and then remarketed at 60% - 70% of the cost of new equipment. Specialty firms such as ACG began to develop. The refurbished ATM industry grew to provide a low cost alternative for community banks and credit unions. Refurbished ATMs enable small financial institutions to offer services that allow them to stay competitive with the larger national and international banks with minimal capital expenditures.